Being an industry growing in popularity and attracting various major players, the crypto space is always a subject of discussion. Many influential market players have come out to offer their opinions about the price direction as well as the future possibilities for the crypto industry. The latest to speak up is one Brian Armstrong, the CEO of Coinbase.
While answering questions during a live ask-me-anything session on April 2nd, Brian opined that for the crypto world to really make it big in terms of mass adoption, 3 things must balance.
Volatility Needs To Decrease
First, Brian talked about the volatile nature of cryptocurrencies, saying that this needs to change in order to attract more investors. If prices keep fluctuating without notice, chances are that most traditional investors will be inclined to stay away from such an unstable market.
However, if the volatility could be reduced to more manageable levels, cryptos are likely to score better mass adoption. Brian went on to note that stablecoins present a solution to this problem. Also, more and better use cases for cryptos would help manage the price volatility.
Improvement On Scalability Solutions
In Brian’s account, there are about 10 good teams working on solutions to improve the scalability of various crypto networks. Bitcoin’s Lightning Network is a great example of that. With better scalability, crypto networks are able to run at higher transaction processing speeds that don’t keep users waiting. In effect, better speeds make the crypto-related payment solutions more attractive to the masses.
In fact, a lot of crypto fans expect the transactions speeds to one day reach 5000 transactions per second. At such levels, crypto networks would be handling transaction volumes comparable to PayPal and Visa, and that would definitely influence adoption positively.
Ease Of Crypto Usability
Speaking of the current crypto acquisition and investment processes involved, Brian noted that the current procedures are too complicated with many steps to be followed. If these procedures could be simplified, more people would be interested in cryptos and mass adoption would happen faster. Brian mentioned the Chinese social media platform, WeChat, as one of the platforms that developers can use to simply retail trade of cryptos.